TORONTO, July 25, 2012 /CNW/ - Anaconda Mining Inc. ("Anaconda" or "the
Company") - (TSX: ANX) announced today that, effective July 19, 2012,
it entered into a five-year option agreement with Fair Haven Resources
Inc. ("Fair Haven") to acquire a 100% undivided interest in 11
exploration licenses (the "Licenses") totaling 71 claims or
approximately 1,804 hectares near its Pine Cove mine. The Licenses,
which are adjacent to the recently optioned Tenacity Gold property
(please see press release dated May 7, 2012), cover highly prospective
rocks of the Point Rousse Complex including portions of the Goldenville
iron formation which is host to the historic Goldenville Mine. The new
acquisition further consolidates Anaconda's strategic land position
north and south of its Pine Cove mine. Please see the attached map for
the actual location of the Licenses.
President and CEO, Dustin Angelo, stated, "In only two transactions,
Anaconda has increased its land package around Pine Cove six-fold to
approximately 4,000 hectares. The Fair Haven properties enable us to
expand our exploration efforts beyond the prospecting work currently
being done on the Pine Cove mining lease, outside of the current pit
operation, and the Tenacity Gold mining licenses. With our large,
highly prospective land package, we are committed to discovering
another economic deposit in the area and growing Pine Cove."
In the near term, the Company does not have any material, mandatory
obligations related to the Licenses; however, it is obliged to keep the
Licenses in good standing during the term of the option. During the
remainder of calendar 2012, the Company is required to make exploration
expenditures of approximately $7,000.
Headquartered in Toronto, Canada, Anaconda is a growth-oriented, gold
mining and exploration company with a producing asset located on the
Baie Verte Peninsula in Newfoundland, Canada called the Pine Cove mine.
FORWARD LOOKING STATEMENTS
This document contains or refers to forward-looking information. Such
forward-looking information includes, among other things, statements
regarding targets, estimates and/or assumptions in respect of future
production, mine development costs, unit costs, capital costs, timing
of commencement of operations and future economic, market and other
conditions, and is based on current expectations that involve a number
of business risks and uncertainties. Factors that could cause actual
results to differ materially from any forward-looking statement
include, but are not limited to: the final approval of the private
placement by the Toronto Stock Exchange; the grade and recovery of ore
which is mined varying from estimates; capital and operating costs
varying significantly from estimates; inflation; changes in exchange
rates; fluctuations in commodity prices; delays in the development of
the any project caused by unavailability of equipment, labour or
supplies, climatic conditions or otherwise; termination or revision of
any debt financing; failure to raise additional funds required to
finance the completion of a project; and other factors. Additionally,
forward-looking statements look into the future and provide an opinion
as to the effect of certain events and trends on the business.
Forward-looking statements may include words such as "plans," "may,"
"estimates," "expects," "indicates," "targeting," "potential" and
similar expressions. These forward-looking statements, including
statements regarding Anaconda's beliefs in the potential
mineralization, are based on current expectations and entail various
risks and uncertainties. Forward-looking statements are subject to
significant risks and uncertainties and other factors that could cause
actual results to differ materially from expected results. Readers
should not place undue reliance on forward-looking statements. These
forward-looking statements are made as of the date hereof and we assume
no responsibility to update them or revise them to reflect new events
or circumstances, except as required by law.
Image with caption: "Anaconda Mining - Pine Cove Property Holdings (CNW Group/Anaconda Mining Inc.)". Image available at: http://photos.newswire.ca/images/download/20120725_C2442_PHOTO_EN_16407.jpg
SOURCE: Anaconda Mining Inc.
For further information:
Anaconda Mining Inc.
President and CEO
ProConsul Capital Ltd.
Company website: www.anacondamining.com